Volkswagen to lay off 7,000 employees at VW brand by 2023

Around 11,000 Volkswagen workers will be eligible for retirement in the coming years

German automaker Volkswagen said it would eliminate up to 7,000 jobs by 2023 as it seeks to accelerate its transition to electric vehicles, although the cuts should be achieved via retirement offers.

"Volkswagen will be boosting the pace of its transformation... taking important steps this year to strengthen competitiveness on a sustained basis," the company said in a statement.

It estimates that the automation of routine tasks will result in the loss of between 5,000 and 7,000 jobs by 2023 and that around 11,000 workers will be eligible for retirement in the coming years.